Iran allocates $ 60 million for highway construction in Armenia

Iran has allocated $60 million towards construction of the highway from Tabriz to the border of Armenia, Business Georgia cites the Iranian news agency IRNA. 

An Iranian MP, Ali Reza Manado, noted that this highway will become a bridge between Iran and Armenia, resulting in the development of settlements along the route.

In September 2009, the Government of Armenia and the Asian Development Bank signed an agreement to provide $500 million for highway construction between Iran and Armenia, extending up to 550 km. The project cost as estimated by the Asian Development Bank is $1.5 billion.